Sales recover strongly for Victoria
Carpets and flooring group Victoria's sales for the last three months have recovered so much that trading is now above management’s pre-pandemic expectations.
The Kidderminster-based group's turnover for the three months to October 3 was £195 million – a 109 per cent increase on trading predictions made before Covid-19 hit in March.
Sales were 128 per cent up on the same three months in 2019.
The board of Victoria issued a statement saying : “The board believes this favourable outcome is a result of people spending more time in their homes and working remotely. This trend is encouraging increased investment by consumers in home redecorating, as well as driving new home purchases across all the markets where the Group trades.”
Last week Victoria agreed a deal that will see Koch Equity Development invest £218m in Victoria which will help fund its continuing strategy of buying other businesses in the Uk and worldwide.on of its growth plans.”
On the one-month lockdown in England due to start on Thursday, based on the company’s experience of the UK-wide lockdown earlier this year, the Victoria board believes that, in the long run, this second lockdown will make little material difference to Victoria.
Victoria has used the last six months to adapt its factories to enable production to be maintained whilst providing a Covid-safe environment. Health monitoring, social distancing, staggered shifts, PPE, education, and other practises have been adopted throughout the group to enable full production schedules through another lockdown.
All the Group’s factories will remain open and continue to accept and deliver orders.
Victoria’s management team intends to continue production throughout the next month, which is expected to minimise the impact of the lockdown on Victoria’s UK business.
The board also expects improved profitability as the group capitalises on the decline of weaker competitors.
Victoria will publish its interim results for the six months to October 3 on November 30.
